Press Release

Saudi Arabia Construction Market is expected to grow at a robust CAGR 8.70%

Vision 2030 and economic diversification, urbanization and population growth are the factor driving the Saudi Arabia Construction Market during the forecast period 2024-2028

 

According to TechSci Research report,Saudi Arabia Construction Market – By Region, Competition, Forecast and Opportunities, 2017-2028”, The Saudi Arabia Construction Market is in a transformative phase, driven by the visionary goals outlined in the Vision 2030 initiative. This ambitious agenda aims to diversify the nation's economy, reduce dependence on oil, and position Saudi Arabia as a global economic powerhouse. The construction sector plays a pivotal role in realizing these aspirations, with mega-projects such as NEOM, Qiddiya, and the Riyadh Metro exemplifying the scale and innovation characterizing the industry. These projects span smart cities, entertainment hubs, and advanced transportation networks, showcasing a commitment to technological advancement and sustainable urban development. The construction market, while facing challenges such as regulatory complexities and a shortage of skilled labor, is evolving rapidly. Technological advancements, including the adoption of Building Information Modeling (BIM) and other digital tools, are enhancing project efficiency and precision. Sustainability has become a core focus, with green building practices, energy-efficient designs, and the incorporation of sustainable materials shaping the industry's direction. The modular construction trend is gaining momentum, offering efficiency, cost-effectiveness, and sustainability benefits in response to the demand for rapid urbanization and large-scale infrastructure projects.

Public-Private Partnerships (PPPs) and privatization initiatives are integral components of the market's evolution, promoting private sector involvement in infrastructure development. This strategic shift aims to accelerate project delivery, increase efficiency, and attract private investments. Despite challenges, the construction market's adaptability is underscored by its willingness to embrace innovative solutions and global partnerships. As Saudi Arabia progresses toward a more diversified and technologically advanced economy, the construction sector stands at the forefront, not only as a builder of infrastructure but as a catalyst for innovation, sustainability, and economic growth. The industry's role extends beyond construction to shaping the nation's future through the realization of transformative projects that align with the goals of Vision 2030.

 

Browse over 69 market data Figures spread through 159 Pages and an in-depth TOC on the "Saudi Arabia Construction Market."

 

The Saudi Arabia construction market is segmented into application, ownership and region. Based on sector, the market is segmented into commercial, industrial, residential and infrastructure. Based on end-user, the market is segmented into Private, Public. Based on construction type, the market is segmented into New Construction, Renovation, Repair & Maintenance. Based on region, the market is segmented into Riyadh, Makkah, Madinah, Dammam, Jeddah, Tabuk, Eastern Province.

Based on construction type, New Construction segment dominated the Saudi Arabia Construction Market and it accounted for a market share of 81.36% in 2022.

Infrastructure construction is set to lead the market in the upcoming years, driven by extensive road, rail, and airport projects taking place nationwide. Major initiatives like NEOM, The Line, and Qiddiya are fueling substantial investments in transport networks, utilities, and telecom infrastructure. Collaborating with government health sector megaprojects to construct specialized hospitals, clinics, medical universities, and research centers is highly recommended.

Additionally, delivering flagship hospitality and leisure projects such as hotels, resorts, convention centers, and theme parks under initiatives like NEOM and the Red Sea Project can be advantageous.

Employing modern methods like prefabrication for efficient construction of mass housing units and workers' accommodations at scale is also recommended. The commercial building construction sector is expanding due to the increasing demand for office spaces, retail complexes, hotels, and mixed-use real estate from both small and large businesses.

 

Key market players in the Saudi Arabia Construction Market are:-

  • Kabbani Construction Group
  • Almabani General Contractors
  • AlKifah Contracting Company
  • Nesma & Partners Contracting Company Ltd.
  • AL-AYUNI Company
  • Construction & Planning Co. Ltd.
  • Contracting & Construction Enterprises Ltd.
  • Binladen Group Global Holding Company
  • Al-Rashid Trading & Contracting Co.
  • Umm Al Qura For Development & Construction Company

 

Download Sample Report

Customers can also request for 10% free customization on this report.

 

“The Saudi Arabia Construction Market is undergoing a profound transformation as part of the Vision 2030 initiative. This ambitious agenda seeks to diversify the nation's economy and propel it into a technologically advanced future. Mega-projects like NEOM and Qiddiya exemplify this vision, representing smart cities and innovative urban planning. Despite challenges like regulatory complexities and a shortage of skilled labor, the industry is advancing with sustainable practices and digital technologies. The market's adaptability, coupled with a focus on Public-Private Partnerships (PPPs), underscores its crucial role in shaping a more diversified, efficient, and sustainable economic landscape for Saudi Arabia.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Construction Market Segmented By Sector (Commercial {By Commercial Sector (Corporate Offices, Hospitality, Healthcare & Medical Facilities, Educational Institutions, Others)}, Industrial { By Industrial Sector (Oil & Gas, Chemical & Petrochemical, Food & Beverage, Pharmaceutical, Others)}, Infrastructure { By Infrastructure Sector (Government Buildings, Cultural and Entertainment Venues, Transportation Hubs, Others)}, Residential {By Residential Sector (Apartments, Villas, Traditional Houses, Others)}), By End-User (Private, Public), By Construction Type (New Construction, Renovation, Repair & Maintenance), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of Saudi Arabia Construction Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Construction Market.

 

Contact

Techsci Research LLC

420 Lexington Avenue,

Suite 300, New York,

United States- 10170

M: +13322586602

Email: [email protected]

Website: www.techsciresearch.com/

Relevant News